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.. i18n: single: Invoice to Payment
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single: Invoice to Payment
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.. i18n: ***********************
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.. i18n: From invoice to payment
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.. i18n: ***********************
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***********************
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From invoice to payment
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***********************
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.. i18n: .. raw:: html
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.. i18n: <div class="all-toctree">
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<div class="all-toctree">
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.. i18n: accounting_workflow
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.. i18n: accounting_entries
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.. i18n: .. raw:: html
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.. i18n: *This chapter traces the basic accounting workflow in Open ERP, from entering an invoice to
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.. i18n: registering payment. The various operations are described, from the entry of accounting receipts to
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.. i18n: the treatment of the reconciliation process, including payment orders.*
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*This chapter traces the basic accounting workflow in Open ERP, from entering an invoice to
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registering payment. The various operations are described, from the entry of accounting receipts to
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the treatment of the reconciliation process, including payment orders.*
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.. i18n: Accounting is at the heart of managing a company: all the company's operations have an impact here.
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.. i18n: It has an informational role (how much cash is there? what debts need to be repaid? what's the stock
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.. i18n: valuation?) and, because of the information it provides, a reliable and detailed accounting system
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.. i18n: can and should have a major decision-making role.
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Accounting is at the heart of managing a company: all the company's operations have an impact here.
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It has an informational role (how much cash is there? what debts need to be repaid? what's the stock
65
valuation?) and, because of the information it provides, a reliable and detailed accounting system
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can and should have a major decision-making role.
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.. i18n: In most companies, accounting is limited to producing statutory reports and satisfying the
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.. i18n: directors' curiosity about certain strategic decisions, and to printing the balance sheet and the
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.. i18n: income statement several times a year. Even then there's often several weeks of delay between
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.. i18n: reality and the report.
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In most companies, accounting is limited to producing statutory reports and satisfying the
75
directors' curiosity about certain strategic decisions, and to printing the balance sheet and the
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income statement several times a year. Even then there's often several weeks of delay between
77
reality and the report.
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.. i18n: .. note:: Valuing your accounting function
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.. i18n: In many small companies, the accounting function is poorly treated.
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.. i18n: Not only do you see the data for documents being entered into the system twice,
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.. i18n: but also the results are often just used to produce legal documentation and regular printouts
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.. i18n: of the balance sheet and income statements some weeks after the closing dates.
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.. i18n: By contrast, integrating your accounts with your management system means that you can:
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.. i18n: * reduce data entry effort – you only need do it once,
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.. i18n: * run your processes with the benefit of financial vision: for example in managing projects,
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.. i18n: negotiating contracts and forecasting cash flow,
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.. i18n: * easily get hold of useful information when you need it, such as a customer's credit position.
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.. note:: Valuing your accounting function
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In many small companies, the accounting function is poorly treated.
101
Not only do you see the data for documents being entered into the system twice,
102
but also the results are often just used to produce legal documentation and regular printouts
103
of the balance sheet and income statements some weeks after the closing dates.
105
By contrast, integrating your accounts with your management system means that you can:
107
* reduce data entry effort – you only need do it once,
109
* run your processes with the benefit of financial vision: for example in managing projects,
110
negotiating contracts and forecasting cash flow,
112
* easily get hold of useful information when you need it, such as a customer's credit position.
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.. i18n: So accounting is too often underused. The information it brings makes it a very effective tool
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.. i18n: for running the company if it's integrated into the management system. Accounting information really
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.. i18n: is necessary in all of your company's processes for you to be effective, for example:
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So accounting is too often underused. The information it brings makes it a very effective tool
120
for running the company if it's integrated into the management system. Accounting information really
121
is necessary in all of your company's processes for you to be effective, for example:
123
.. i18n: * for preparing quotations it's important to know the precise financial position of the customer, and
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.. i18n: to see a history of any delays in payment,
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.. i18n: * if a given customer has exceeded his credit limit, accounting can automatically stop further
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.. i18n: deliveries to the customer,
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.. i18n: * if a project budget is 80% consumed but the project is only 20% complete you could renegotiate
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.. i18n: with the customer, or review and rein in the objectives of the project,
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.. i18n: * if you need to improve your company's cash flow then you could plan your services projects on the
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.. i18n: basis of billing rates and payment terms of the various projects, and not just delivery dates –
134
.. i18n: you could work on short-term client projects in preference to R&D projects, for example.
137
* for preparing quotations it's important to know the precise financial position of the customer, and
138
to see a history of any delays in payment,
140
* if a given customer has exceeded his credit limit, accounting can automatically stop further
141
deliveries to the customer,
143
* if a project budget is 80% consumed but the project is only 20% complete you could renegotiate
144
with the customer, or review and rein in the objectives of the project,
146
* if you need to improve your company's cash flow then you could plan your services projects on the
147
basis of billing rates and payment terms of the various projects, and not just delivery dates –
148
you could work on short-term client projects in preference to R&D projects, for example.
150
.. i18n: Open ERP's general and analytic accounting handle these needs well because of the close
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.. i18n: integration between all of the application modules. Furthermore, the transactions, the actions and
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.. i18n: the financial analyses happen in real time, so that you cannot only monitor the situation but also
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.. i18n: manage it effectively.
156
Open ERP's general and analytic accounting handle these needs well because of the close
157
integration between all of the application modules. Furthermore, the transactions, the actions and
158
the financial analyses happen in real time, so that you cannot only monitor the situation but also
159
manage it effectively.
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.. i18n: single: module; account
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single: module; account
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.. i18n: The :mod:`account` module in Open ERP covers general accounting, analytic accounting, and auxiliary
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.. i18n: and budgetary accounting. It is double-entry, multi-currency and multi-company.
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The :mod:`account` module in Open ERP covers general accounting, analytic accounting, and auxiliary
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and budgetary accounting. It is double-entry, multi-currency and multi-company.
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.. i18n: single: accounting
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.. i18n: single: accounting; financial
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.. i18n: single: accounting; analytical
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.. i18n: single: accounting; auxiliary
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.. i18n: single: accounting; budgetary
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.. i18n: single: asset
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.. i18n: single: liability
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single: accounting; financial
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single: accounting; analytical
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single: accounting; auxiliary
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single: accounting; budgetary
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.. i18n: .. note:: Accounting
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.. i18n: * General accounting (or financial accounting) is for identifying the assets and liabilities of the
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.. i18n: business. It's managed using double-entry accounting which ensures that each transaction is
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.. i18n: credited to one account and debited from another.
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.. i18n: * Analytical accounting (or management or cost accounting) is an independent accounting
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.. i18n: system which reflects the general accounts but is structured along axes that represent the
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.. i18n: company's management needs.
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.. i18n: * Auxiliary accounting reflects the accounts of customers and/or suppliers.
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.. i18n: * Budgetary accounts predefine the expected allocation of resources, usually at the start of a
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.. i18n: financial year.
212
* General accounting (or financial accounting) is for identifying the assets and liabilities of the
213
business. It's managed using double-entry accounting which ensures that each transaction is
214
credited to one account and debited from another.
216
* Analytical accounting (or management or cost accounting) is an independent accounting
217
system which reflects the general accounts but is structured along axes that represent the
218
company's management needs.
220
* Auxiliary accounting reflects the accounts of customers and/or suppliers.
222
* Budgetary accounts predefine the expected allocation of resources, usually at the start of a
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.. i18n: pair: accounting; multi-company
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pair: accounting; multi-company
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.. i18n: .. tip:: Multi-company
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.. i18n: There is a choice of methods for integrating Open ERP in a multi-company environment:
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.. i18n: * if the companies hold few documents in common (such as products, or partners - any OpenERP
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.. i18n: resource), you should install separate databases,
239
.. i18n: * if the companies share many documents, you can register them in the same database and install
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.. i18n: Open ERP's multi-company documents to finely manage access rights,
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.. i18n: single: module; base_synchro
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.. i18n: * you can synchronize specified document types in several databases using the :mod:`base_synchro`
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.. i18n: module, which is a shared-funding module rather than a module in the standard open repositories.
249
.. tip:: Multi-company
251
There is a choice of methods for integrating Open ERP in a multi-company environment:
253
* if the companies hold few documents in common (such as products, or partners - any OpenERP
254
resource), you should install separate databases,
256
* if the companies share many documents, you can register them in the same database and install
257
Open ERP's multi-company documents to finely manage access rights,
260
single: module; base_synchro
262
* you can synchronize specified document types in several databases using the :mod:`base_synchro`
263
module, which is a shared-funding module rather than a module in the standard open repositories.
265
.. i18n: One of the great advantages of integrating accounts with all of the other modules is in avoiding the
266
.. i18n: double entry of data into accounting documents. So in Open ERP an Order automatically generates an
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.. i18n: Invoice, and the Invoice automatically generates the accounting entries. These in turn generate tax
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.. i18n: submissions, customer reminders, and so on. Such strong integration enables you to:
271
One of the great advantages of integrating accounts with all of the other modules is in avoiding the
272
double entry of data into accounting documents. So in Open ERP an Order automatically generates an
273
Invoice, and the Invoice automatically generates the accounting entries. These in turn generate tax
274
submissions, customer reminders, and so on. Such strong integration enables you to:
276
.. i18n: * reduce data entry work,
278
.. i18n: * greatly reduce the number of data entry errors,
280
.. i18n: * get information in real time and enable very fast reaction times (for bill reminders, for
283
.. i18n: * exert timely control over all areas of company management.
286
* reduce data entry work,
288
* greatly reduce the number of data entry errors,
290
* get information in real time and enable very fast reaction times (for bill reminders, for
293
* exert timely control over all areas of company management.
296
.. i18n: single: accountant
302
.. i18n: .. tip:: For accountants
304
.. i18n: When you create a database you can install only the accounting modules by choosing the
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.. i18n: :guilabel:`Accounting only profile` :mod:`profile_accounting`.
307
.. i18n: You should then install the web portal :mod:`portal_account`.
308
.. i18n: With appropriate rights management, this allows trustees to
309
.. i18n: provide customers with real-time access to their data. It also gives them the opportunity to work
310
.. i18n: on certain documents that have no direct accounting impact, such as budgets.
312
.. i18n: This can provide an added-value service that greatly improves the interaction between trustees and
313
.. i18n: their clients.
316
.. tip:: For accountants
318
When you create a database you can install only the accounting modules by choosing the
319
:guilabel:`Accounting only profile` :mod:`profile_accounting`.
321
You should then install the web portal :mod:`portal_account`.
322
With appropriate rights management, this allows trustees to
323
provide customers with real-time access to their data. It also gives them the opportunity to work
324
on certain documents that have no direct accounting impact, such as budgets.
326
This can provide an added-value service that greatly improves the interaction between trustees and
329
.. i18n: All the accounts are held in the default currency (which is specified in the company definition),
330
.. i18n: but each account and/or transaction can also have a secondary currency (which is defined in the
331
.. i18n: account). The value of multi-currency transactions is then tracked in both currencies.
334
All the accounts are held in the default currency (which is specified in the company definition),
335
but each account and/or transaction can also have a secondary currency (which is defined in the
336
account). The value of multi-currency transactions is then tracked in both currencies.
338
.. i18n: For this chapter you should start with a fresh database that includes demo data,
339
.. i18n: with :mod:`sale` and its dependencies installed and no particular chart of accounts configured.
342
For this chapter you should start with a fresh database that includes demo data,
343
with :mod:`sale` and its dependencies installed and no particular chart of accounts configured.
345
.. i18n: .. Copyright © Open Object Press. All rights reserved.
348
.. Copyright © Open Object Press. All rights reserved.
350
.. i18n: .. You may take electronic copy of this publication and distribute it if you don't
351
.. i18n: .. change the content. You can also print a copy to be read by yourself only.
354
.. You may take electronic copy of this publication and distribute it if you don't
355
.. change the content. You can also print a copy to be read by yourself only.
357
.. i18n: .. We have contracts with different publishers in different countries to sell and
358
.. i18n: .. distribute paper or electronic based versions of this book (translated or not)
359
.. i18n: .. in bookstores. This helps to distribute and promote the OpenERP product. It
360
.. i18n: .. also helps us to create incentives to pay contributors and authors using author
361
.. i18n: .. rights of these sales.
364
.. We have contracts with different publishers in different countries to sell and
365
.. distribute paper or electronic based versions of this book (translated or not)
366
.. in bookstores. This helps to distribute and promote the OpenERP product. It
367
.. also helps us to create incentives to pay contributors and authors using author
368
.. rights of these sales.
370
.. i18n: .. Due to this, grants to translate, modify or sell this book are strictly
371
.. i18n: .. forbidden, unless Tiny SPRL (representing Open Object Press) gives you a
372
.. i18n: .. written authorisation for this.
375
.. Due to this, grants to translate, modify or sell this book are strictly
376
.. forbidden, unless Tiny SPRL (representing Open Object Press) gives you a
377
.. written authorisation for this.
379
.. i18n: .. Many of the designations used by manufacturers and suppliers to distinguish their
380
.. i18n: .. products are claimed as trademarks. Where those designations appear in this book,
381
.. i18n: .. and Open Object Press was aware of a trademark claim, the designations have been
382
.. i18n: .. printed in initial capitals.
385
.. Many of the designations used by manufacturers and suppliers to distinguish their
386
.. products are claimed as trademarks. Where those designations appear in this book,
387
.. and Open Object Press was aware of a trademark claim, the designations have been
388
.. printed in initial capitals.
390
.. i18n: .. While every precaution has been taken in the preparation of this book, the publisher
391
.. i18n: .. and the authors assume no responsibility for errors or omissions, or for damages
392
.. i18n: .. resulting from the use of the information contained herein.
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.. While every precaution has been taken in the preparation of this book, the publisher
396
.. and the authors assume no responsibility for errors or omissions, or for damages
397
.. resulting from the use of the information contained herein.
399
.. i18n: .. Published by Open Object Press, Grand Rosière, Belgium
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.. Published by Open Object Press, Grand Rosière, Belgium
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